{"id":13313,"date":"2024-10-15T11:39:03","date_gmt":"2024-10-15T08:39:03","guid":{"rendered":"https:\/\/www.magaripoa.com\/?p=13313"},"modified":"2024-10-15T11:39:03","modified_gmt":"2024-10-15T08:39:03","slug":"wealth-tax","status":"publish","type":"post","link":"https:\/\/www.magaripoa.com\/gari\/wealth-tax\/","title":{"rendered":"Govt to impose Wealth Tax on all car owners"},"content":{"rendered":"

The National Treasury has proposed introducing a Motor Vehicle Circulation Tax which will target Kenyans buying cars at the point of acquiring an insurance cover.<\/span><\/p>\n

In its Medium Term Strategy for the Financial Years 2024\/2025- 2026\/2027, the National Treasury said the levy, which will be classified as a wealth tax, will be paid annually.<\/span><\/p>\n

According to Prof. Njuguna Ndung’u-led Ministry, Kenyans will start paying the tax once the buyer gains full ownership of the vehicle.<\/span><\/p>\n

\u201cThere will be a minimum tax amount payable by all motor vehicle owners in addition to a graduated amount based on the engine capacity of the vehicle\u201d the document read in part.<\/span><\/p>\n

According to the Treasury, the motor vehicle circulation tax will be levied concurrently with the carbon tax which will be introduced to discourage the use of fossil fuels.<\/span><\/p>\n

The government sees the tax as a solution that will address two problems simultaneously namely; netting revenue and stopping air pollution.<\/span><\/p>\n

\u201cGovernment will explore the possibility of introducing a carbon tax based on the carbon content of fossil fuels,\u201d the Treasury explained in the document.<\/span><\/p>\n

According to the government, the government will introduce excise taxes gradually and will be phased over the life of imported vehicles.<\/span><\/p>\n

Instructively, the government is looking at introducing excise tax on tractors, forklifts, excavators and earthmovers<\/span><\/p>\n

To achieve its objectives, the government is also seeking to introduce tax incentives that promote the use of green energy.<\/span><\/p>\n

Similarly, the government is also seeking to review the current taxes on electric vehicles that are environmentally friendly to support the transition into a green economy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The National Treasury has proposed introducing a Motor Vehicle Circulation Tax which will target Kenyans buying cars at the point of acquiring an insurance cover. In its Medium Term Strategy for the Financial Years 2024\/2025- 2026\/2027, the National Treasury said the levy, which will be classified as a wealth tax, will be paid annually. According…<\/p>\n","protected":false},"author":1,"featured_media":13314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","cybocfi_hide_featured_image":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[7],"tags":[],"class_list":["post-13313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pej6K6-3sJ","jetpack_likes_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.magaripoa.com\/gari\/wp-content\/uploads\/wealth-tax.jpg?fit=1210%2C727&ssl=1","_links":{"self":[{"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/posts\/13313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/comments?post=13313"}],"version-history":[{"count":0,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/posts\/13313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/media\/13314"}],"wp:attachment":[{"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/media?parent=13313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/categories?post=13313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.magaripoa.com\/gari\/wp-json\/wp\/v2\/tags?post=13313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}